LIABILITY

Li′a‐bil″i‐ty (lī′ȧ‐bĭl″ĭ‐ty̆), n.; pl. Liabilities (–tĭz). 1. 1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.
2. 2. That which one is under obligation to pay, or for which one is liable. Specifically, in the pl., the sum of one's pecuniary obligations; — opposed to assets.
Limited liability. See Limited company, under Limited.